The US stock market finished volatile session with a mixed note after swings back and forth across the unchanged line on Wednesday, 27 September 2023, as risk sentiments turned gloomy amid concerns over the possibility of interest rates to remain higher for a prolonged period.
At the close of trade, the Dow Jones Industrial Average index fell 68.61 points, or 0.2%, to 33,550.27. The S&P500 index increased by 0.98 point, or 0.02%, to 4,274.51. The tech-heavy Nasdaq Composite Index was up 29.24 points, or 0.22%, to 13,092.85.
Total 5 of 11 S&P 500 sector indexes advanced, with energy sector being top performer, rising 2.51%amid a sharp increase by the price of crude oil, while utilities was bottom performer, erasing 1.93%.
Investors are watching for Congress to pass a budget by Saturday or risk a U.S. government shutdown. Moody's Investors Service warned in a note on Monday that a U.S. government shutdown would be a ?credit negative? event for the country. Moody's currently has an AAA stable rating on the U.S. government. Fitch downgraded its view of the the U.S. to AA+ from AAA in August.
In Washington, Republican U.S. House Speaker Kevin McCarthy rejected a stopgap funding bill advancing in the Senate, bringing the government closer to its fourth partial shutdown in a decade.
ECONOMIC NEWS: The Commerce Department released a report showing durable goods orders crept up by 0.2% in August after plunging by a revised 5.6% in July.
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